If you are staying in Germany for a longer period, receive a regular salary or scholarship and have to pay rent, it is advisable to open a checking account with a German bank as soon as possible.

?

Since banks differ in their services and fees, you should do your research before opening an account. You will usually receive a Eurocheque card (EC card) with your checking account, which you can use to withdraw money from your own bank's cashpoints (ATMs) free of charge and from other banks' ATMs for a fee.

?

Transferring money to or from abroad can be expensive. You may want to check with your home bank to see what their fees are, and you may want to choose a bank in Germany that works with your home bank.

?

(Source: EURAXESS Germany)

?

?

All major international credit cards are accepted in Germany. Please note, however, that in smaller shops, such as cafés, you may only be able to pay in cash. You can withdraw money from ATMs and banks with your credit card, but there are often fees. It is best to check with your bank or credit card company about the conditions under which you can use your foreign credit card in Germany.

?

?

An online account is a checking account where all financial transactions (such as checking your balance, transferring money, or setting up standing orders) are done over the Internet. They are usually offered by direct banks (i.e. banks and credit institutions without branches).

?

The advantage of direct banks is that their products and services are often cheaper than those of branch-based banks, since they do not have to rent premises or employ local staff. Customer contact is kept to a minimum and takes place via chatbot, email or telephone. Opening an account is also mainly done via video-ident or post-ident (see below).

?

However, if you are primarily looking for personalized service, an online account may not be the right choice for you. You should also find out how you can withdraw money from your online bank, as they usually do not have their own ATMs and you may be able to withdraw money (free of charge) from other banks' ATMs using a credit card.

?

?

On the website Das ?rtliche?you can find several banks with branches in Augsburg. The exact opening hours of the banks can be found on the website of the respective branch (opening hours are usually between 8:30 a.m. and 4:00 p.m. on weekdays).
?
The following questions may help you decide which bank to choose:?

• What are the fees for a checking account?
• Is an EC card included or are there additional fees for it?
• Are transfers free of charge?
• How much money can you withdraw per day or month?
• What is the overdraft limit?
• How many branches does the bank have and where can I withdraw money free of charge with my EC card?
• Does the bank offer online banking or banking apps?
• Do I need English-speaking staff and services?

It is advisable to make an appointment by telephone to open an account at a bank branch.

?

The following documents are usually required to open an account:?

• Your valid identity card or passport with photo
• Confirmation of registration from the Resident Registration Office or Immigration Office (can be submitted later if necessary)
• Your tax identification number

Attention: Please contact your bank to find out what other documents are required to open an account. Please also note that not all bank advisors speak English.

?

?

Some banks, especially direct banks, allow you to apply for an account online via the bank's website. After filling out a form with personal information and the desired bank account, identification is required. This can be done either by Video-Ident or by Post-Ident.

?

Video-Ident involves a video call with a bank representative. Your personal details are verified and photos of you and your ID documents are taken. You will need a webcam or smartphone camera and your ID card or passport.
?
For the Post-Ident process, you print out a form and take it to your local post office. They will verify your identity with your passport/ID card and send the form to the bank free of charge.

?

?

After you open an account, you will usually receive an EC card, also known as a Girocard. You can use the EC card to withdraw money from ATMs or the bank, and to print out account statements. You can also use the EC card to make cashless payments in many shops and restaurants. You will receive your PIN, the secret code for your card, in the post, which you can use to access your account. When you pay with your EC card in a shop, you must enter this number or, if necessary, sign the receipt. Contactless payment is also available in many places today.

?

Important note: Please remember to cancel your bank account before you leave. The cancellation date can be after your departure.

?

?